In 2022, the value of the global market for fish meal alternatives rose to US$ 1800 Mn. According to projections, the market’s main development drivers will be the products’ rising nutritional value and diverse array of uses. Overall sales of fish meal alternatives are anticipated to reach over US$ 1800 Mn by the end of 2032, growing at a strong CAGR of 6.9% between 2022 and 2032.
Fish meal alternative are environment-friendly and sustainable options over the conventional fish meal which are produced from small marine fish, cultured fishes, and processed fish by-products. The fish meal alternatives are generally produced from plant sources and a smaller share is produce from non-plant sources including met industry waste or by-product and micro-organisms.
The fish meal alternative market is expected to see high CAGR over the forecast period owing to the shifting preference for sustainable and cost-effective farming, globally. The fish meal alternative market is expected to be dominated by the Asia Pacific as the region is the largest consumer of all kind of feeds and additives. The organic fish meal adds more ethicality and sustainability to the finished product and hence is expected to witness high growth rates over the forecast period.
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Fish Meal Alternative Market: Segmentation
The Fish Meal Alternative market is segmented on the basis of origin, source, and application
Segmentation on the basis of origin in the fish meal alternative market is organic and conventional. The organic segment is expected to see comparatively high CAGR over the forecast period owing to its more environmentally friendly process of production over the conventional segment. The conventional segment is expected to dominate in terms of volume share in the global fish meal alternative market owing to its cheaper price and ease of production.
On the basis of source, the fish meal alternative market is segmented into plant, animal, and micro-organism. The plant segment is further sub-segmented into peas, lupins, corn, rice, canola, rapeseed, barley, and wheat.
The plant segment is anticipated to dominate the global fish meal alternative market owing to its ease of production and cheaper price point against traditional fish meal. Also, the plant-based fish meal alternatives have been scientifically proven to have yielded more than the traditional one which is expected to drive producer to shift towards it over the forecast period.
On the basis of application, the global fish meal alternative market is segmented into feed, fertilizers, pharmaceuticals and dietary supplements. The feed segment is further sub-segmented into aquaculture, poultry, livestock, and pet food and treats. The feed segment is expected to dominate the global fish alternative market over the forecast period due to the high volume of demand from the aquaculture and poultry industry.
Fish Meal Alternative Market: Region-wise Outlook
Fish meal is largely consumed in aquaculture production which is dominated by the Asia Pacific region which is anticipated to dominate the global fish meal alternative market. The Europe region is expected to capture the successive position in terms of demand share owing to its large meat and dairy industry and also the rapid increase in sustainable farming over the region to meet the strict EU guidance.
North America to capture a substantial value share with Latin America following the place over the forecast period owing to its large agricultural industry and aquaculture industry respectively. The Middle East and Africa are expected to capture a low volume share owing to import dependency and relatively small agricultural industry.
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Fish Meal Alternative Market: Drivers and Restraints
The fish meal alternative market is expected to be driven by the consumer demand for ethical and substantial food. With increasing price of raw material required for fish meal production and limiting production ability, manufacturers are also shifting towards the alternative option to feed the rising demand for fish meal. The global protein demand is rising with the rising population which is required to address with alternative sources and hence, fish meal alternative products fits perfect to address the rising concern of food shortage and lower carbon footprint.
Competitive pricing and lack of awareness are expected to restrain the global fish meal market over the forecast period.
Fish Meal Alternative Market: Key Players
The global player for the Fish Meal Alternative market are Al Dahra ACX, Archer Daniels Midland, Angel Yeast Co. Ltd, Cargill Inc., Calysta, Inc., Lallemand Inc., Nutreco N.V and Alltech.
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The report covers exhaust analysis on
- Market Segments
- Market Dynamics
- Market Size
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Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Japan
- Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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